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Richard's Rapid Fire - March 31, 2017

With bags, boots, and tickets in hand, we are rolling out to Dallas. Next stop, CBA LIVE. With record-breaking attendance, some members of the CBA Team are already on the ground preparing for the arrival of over 1,400 retail banking leaders. Can’t wait to take part in the action? Neither can we. Here is a preview of what to expect at this year’s conference. Be sure to catch keynote addresses from U.S. Bank President and CEO Richard Davis, who will join us in what will be one of his last public appearances before retirement, and Kabbage Inc., Chief Operating Officer and Co-founder Kathryn Petralia. Additional headliners include Salesforce Einstein VP of Marketing Jim Sinai, President and CFO of SoFi Nino Fanlo, and NFL MVP Roger Staubach.

But as you know, the real meat and potatoes of CBA LIVE takes place in our forums, which cover auto finance, CFPB, community reinvestment, default management, deposits and payments, digital channels, education funding, fair and responsible banking, home equity lending, risk, and small business banking.

With financial reform said to be next on the docket after tax reform, what can we expect to emerge from the coming debates? Last week, I sat down with Rob Blackwell, American Banker’s Washington Bureau Chief, to discuss this and more. From politics to the future of the CFPB to the need to repeal the Durbin Amendment, you can catch our conversation here.

In an op-ed published in Bank Think this week, CBA Board Member MichaelRhodes of TD Bank outlined three guiding principles to help banks and other companies effectively meet consumers’ wants and needs in the digital era. According to Michael, banking’s goal in the digital era is simple: provide solutions to basic human problems. To achieve this, his three rules to follow are:

Design Human-centered experiences;

Solve for basic human needs; and

Take a simple and intuitive approach.

CFPB Strikes Out in Federal Court on UDAAP Enforcement

This week, a federal court dismissed a complaint brought against Intercept Corp. by the CFPB for a potential UDAAP violation. Judge Ralph Erickson, writing the majority opinion for the Court, said the Bureau failed to provide “sufficient factual allegations” to support its claims, and that any complaint “must contain more than an unadorned, the defendant-unlawfully-harmed-me accusation.” The court’s decision suggests a higher bar than the CFPB has been accustomed to when filing UDAAP violation charges. This decision will likely play a key role in future CFPB UDAAP enforcement cases.